Swiss banks UBS and Credit Suisse are among banks under investigation by the US justice department in a probe into whether bankers helped Russian oligarchs evade sanctions, Bloomberg reports, citing unnamed sources. Subpoenas were sent to individual bankers before the… Read More ›

Sanctions
Washington continues blitz on third-country entities linked to sanctions evasion
The US is continuing its blitz of sanctions on third-country entities that Washington believes are helping sanctioned entities to continue doing business in global markets. The latest sanctioning of 39 entities in Hong Kong, Singapore, Turkey and the UAE relate… Read More ›
New US sanctions target Russian banks, metals and mining sector, and third-country actors linked to sanctions evasion
In one of its most significant sanctions actions to date, the US treasury’s Office of Foreign Assets Control (OFAC) has designated over a dozen more Russian banks and financial institutions and announced a new determination targeting Russia’s metals and mining… Read More ›
China, Turkey and Cyprus circumventing Russian sanctions, UAE a particular concern for Western allies
Russian customs data shows that countries most actively facilitating circumvention of wartime sanctions by Russia include China, Turkey, Cyprus and the UAE, according to analysis by the Free Russia Foundation (FRF). Western allies are responding by calling on jurisdictions to… Read More ›
Singapore court upholds J P Morgan’s refusal to pay L/Cs on grounds of sanctions violations
Singapore’s High Court has ruled in favour of J P Morgan Chase Bank after it was sued for refusing to pay a coal trader under two letters of credit (L/Cs) because its sanctions screening revealed that doing so would have… Read More ›
Companies in several jurisdictions sanctioned by US for facilitating business with Iran
Companies in several jurisdictions have been sanctioned by the US for facilitating the sale of hundreds of millions of dollars’ worth of Iranian petrochemicals and petroleum products to buyers in East Asia. This latest tranche of sanctions underlines the determination… Read More ›
Banks caused to violate sanctions to launder millions of dollars for Russian oligarchs and proscribed entities
US banks were caused to process tens of millions of dollars in schemes to evade sanctions and export controls applicable to Russia according to an indictment charging five Russian nationals and two oil traders with global sanctions evasion and money… Read More ›
Back-to-back and standby L/Cs used in sanctions evasion and money laundering says MENA financial crime guide
Back-to-back letters of credit (L/Cs) can be used as a sanctions evasion technique according to multiple sources who contributed to a new guide published by the Middle East and North Africa (MENA) chapter of the Global Coalition to Fight Financial… Read More ›